Natural gas jumps on tighter inventories, oil report up next
Weekly oil inventories coming up
The Columbus Day holiday stretched the timeline for this week's US energy inventory reports. Today's natural gas data boosted prices back near $6 as inventories rose 81 bcf, less than the 94 bcf expected. That sent gas to the highs of the day:
CIBC says "With LNG-related demand poised for growth and supply levels still subdued, we believe that North American natural gas prices are likely to remain quite strong through a normal winter scenario."
Next up is the US oil inventory report. The data from API yesterday showed a big slowdown at refineries that sparked a surprise boost in oil inventories but a big draw in products.
- Crude +5213K
- Gasoline -4575K
- Distillates -2707K
- Cushing -2275K
The consensus has likely shifted since then but here's how it stands:
- Crude +702K
- Gasoline -83K
- Distillates -933K